Introducing Dominica Citizenship By Investment

Introduction: The Commonwealth of Dominica does not come up often in everyday conversation. Fortunately for me – they advertise! One morning in 2014 I was on the beach in Dubai reading the Financial Times newspaper when an insert fell out of the paper. The insert was an advertisement that highlighted the “Commonwealth of Dominica – Citizenship by Investment Program”. What follows below is an overview of Dominica and their citizenship program highlights.

Where is Dominica?

Geographically speaking, the Commonwealth of Dominica is located in the Lesser Antilles Island chain in the Caribbean Sea. Dominica serves as the exact mid point between the Windward Antilles (south of Dominica) and the Leeward Antilles (north of Dominica).

Basic Facts About Dominica:

Capital City of Dominica: RoseauIsland Population: 72,000 (2014)Total Size: 750 sq kilometers/290 sq milesGross Domestic Product: Approximately $516 Million Spoken Language: English is the official language plus French Creole is also spokenGovernment: Unitary Parliamentary RepublicCurrency: East Caribbean Dollar

The Island of Dominica is a tropical paradise with unique flora and fauna.

Rain forests and waterfalls: The tropical rain forests on the island provide a lush green foliage that is the envy of all nature enthusiasts. Many plants which are believed to be extinct on neighboring islands can still be found here! As a result, Dominica is also known as the “Nature Island”. Therefore, there are over 40 hiking trails that wind through the beautiful rain forests and there are 360 fresh water rivers that flow on the island. In addition, there are many towering waterfalls located in the mountainous interior of the island.

Unique amazing wildlife: Dominica has its own resident population of Sperm Whales and is the only known habitat in the world of the Sisserou Parrot. Additionally, the endangered Sisserou Parrot is the national bird of Dominica and is also on the national flag. Four of the world’s seven species of sea turtle visit the shores of Dominica. These rare turtle species include: giant Leatherbacks, Loggerheads, Hawksbills and the Green Sea Turtles.

Volcanic Wonderland: Dominica is one of the youngest islands in the Lesser Antilles and therefore it has 9 potentially active volcanoes. As a result, Dominica has mostly black sand beaches. Plus, there are many hot springs including the 2nd largest hot spring in the world “Boiling Lake”.

This Is Why You Need A Second Passport:

Renunciation: You cannot renounce US citizenship without one. You must have a valid 2nd passport or the US government will not let you leave. Additionally, it is very wise to have acquired a 2nd passport beforehand anyway – do you want to be stateless?

Foreign Banking: It is increasingly difficult (sometimes impossible) to open a foreign bank account with a US passport. Sometimes, even if you have a second passport you still cannot open a foreign bank account if you are also a US citizen. Out of necessity you may need to eventually renounce even if you don’t want to…it is best to be prepared.

Personal Safety:It is increasingly dangerous to travel with a US passport. There is a growing list of nationalities that may have good reason to do you harm. Additionally, it may be preferable to not have to disclose you are a US citizen when entering business or rental contracts outside the US.

Business Opportunity: Unfortunately, as a citizen of the US or Western Europe there are many thousands of business opportunities that must be passed on. As a result, you cannot do business with citizens of Russia, Ukraine and many countries in Africa, the Middle East and Asia. Being a legit business person who honors commitments to customers and business partners is not contingent on what color your passport is.

“I sold my US real estate in 2005-6. Don’t wait until the day of the crash to get out!”

Financial Security: Donald Trump, the new US president elect has 4 bankruptcies in his “business” history. Additionally, Wilbur Ross (a bankruptcy specialist) was recently appointed as US Secretary of Commerce. Mr. Ross is a legit billionaire unlike Mr. Trump, however don’t lose sight of the fact that he is a bankruptcy specialist nonetheless. Thus, he made his billions using leverage to buy out bankrupt companies and turned them around.

Why should this concern you? The US debt load is unsustainable which Trump acknowledged repeatedly in his campaign. Therefore, it is completely conceivable that there could be a Cyprus type event in the US. Don’t forget – bankrupt governments rob banks because “that’s where the money is”.

Dominica Citizenship Benefits:

Dominica Passport Costs: The Dominica passport cost is among the lowest in the world. Additionally, the Dominica citizenship cost pays for a legally acquired passport which is part of a time tested program. Therefore, the price includes Dominica citizenship benefits such as program stability. This is because the time tested Dominica program has been in effect since 1993. This is a 100% legal second passport program that is fully authorized by Section 101 of the Dominica Constitution and Sections 8 and 20 (1) of The Citizenship Act.

Privacy: The application is completely confidential.

No Residency Requirements: Although Dominica is a very beautiful island, there is no requirement to ever visit the island or to reside there in order to retain citizenship.

Excellent Visa Free Travel: The list of Commonwealth of Dominica passport visa free countries is very long! As a result, Dominica passport holders have visa free access to 135 countries including all of the EU, UK, Ireland, all of the Caribbean and Commonwealth countries plus Hong Kong, Singapore and much more. The list continues to get longer as time goes by.

Low Tax Liability:Dominica imposes no tax on international revenue, wealth taxes or inheritance tax. Additionally, international companies can register and incorporate in Dominica and pay no tax on international revenues.

Mandatory Interview Is Waived: In the past the Dominica authorities had required a mandatory in person interview as part of the application process. To satisfy the requirement the applicant would have to travel to Dominica or as an alternative, pay the travel costs for the 3 interviewers to travel to a more suitable location. Fortunately, this requirement has now been waived and it is only required if it is deemed necessary for the application approval. That being said, after they waived the interview requirement, it has not been required for any of our applicants.

The list of benefits for obtaining a second passport can vary widely from person to person. Therefore, it really is somewhat vain to try and list all of them here. Furthermore, individuals who have visited this web page and read this far down are most likely predisposed to become an expatriate based on their own personal circumstances. As a result it is time to discuss the matter of how to acquire the new passport and the Dominica passport cost.

Options To Acquire Dominica Citizenship:

#1 Government Investment Fund

The Commonwealth of Dominica initiated the citizenship by investment program in 1993 in order to stimulate economic growth on the island. As a result, the government fund option has been a staple of the Dominica citizenship by investment program since inception. The program requires the investor to contribute a non refundable investment to the government fund to satisfy the Dominica citizenship cost. In turn, the government fund proceeds are used to fund community development projects on the island. These projects include new schools, medical clinics and economic development initiatives – especially in the field of tourism.

There are 4 categories of the investment fund program with different cost requirement levels. The amount of the Dominica passport cost will depend on the number of dependents included on the application.

4 Investment Fund Categories:

Single Applicant – the contribution amount to the government investment fund is currently $100,000 non-refundable.

*Professional fees are required on all applications and will vary in relation to the number of dependents and the complexity of the application.

The Process of Approval:

First the applicant signs the New Passport Pro professional service agreement. In addition, the citizenship application form is completed and checked by our legal team and the local Dominica agent.

The investor pays the due diligence fees and the processing fees in full and the application is submitted to the Dominica government’s Citizenship by Investment Unit (CBIU).

Next, the period of due diligence background check starts to run and will usually take 60-90 days. If an interview is required then the applicant will be asked to come to Dominica to attend. However, if this is not possible then for a fee of $3000 the 3 interviewing officers will travel to the chosen place.

The CBIU issues the letter of approval in principle and the investor then transfers the remaining investment funds and all remaining fees to the designated citizenship account of the government.

The certificate of naturalization is submitted to the immigration department in addition to the supporting documents and the passport application.

The passport is issued and delivered to the investor.

**See disclaimer at the bottom of the page.

#2 Real Estate Investment Option:

In an effort to further encourage the tourism industry on Dominica the government has added the real estate purchase option which will cover the Dominica passport cost. In addition, you will get the same Dominica citizenship benefits as the other funding option. Therefore, the government has approved some real estate developments on the island that will qualify as investments under this program. At the present time these developments include the Cambrits Resort Kempinski and also Tranquility Beach. These qualified real estate developments (plus photos) are described in more detail in our flyer.

To qualify for the real estate investment option the investor must purchase qualified real estate for a minimum of $200,000. As a result, the investor has the option of selling the real estate after a minimum of a 3 year holding period. Additionally, the applicant can live at the property or possibly rent it out in accordance with all development regulations or restrictions.

Sample Application (USD) Cost Breakdown:

INVESTMENT AMOUNT (USD)__________________________________________________Family of 4 with 2 children (11 years and under)

*Professional fees are required on all applications and will vary in relation to the number of dependents and the complexity of the application. Additionally, legal and escrow fees run 1-2% on real estate transactions.

** See the disclaimer at bottom of the page.

*** Real Estate Program Only – Government fees for large families have been adjusted effective December 6, 2016 as follows: a) for families of up to 4/main applicant + 3 dependents the total government fees are now $75,000 or b) For families of up to 6/main applicant + 5 dependents the total government fees are now $100,000.

The Process of Approval:

The applicant signs and completes the New Passport Pro professional agreement and also signs the purchase and sale agreement with the real estate developer. The application forms are signed and checked by our legal team and the local Dominica agent.

The investor pays his processing and due diligence fees in full. In addition, the investor submits the down payment to reserve their interest in real estate.

Next the period of due diligence background check starts to run and will usually take approximately 60-90 days. If an interview is required then the applicant will be asked to come to Dominica to attend. However, if this is not possible then for a fee of $3000 the 3 interviewing officers will travel to the chosen place.

The CBIU issues the letter of approval in principle and the investor then transfers the remaining investment funds to the real estate developer plus all remaining fees to the designated citizenship account of the government.

The certificate of naturalization is submitted to the immigration department in addition to the supporting documents and the passport application.

The passport is issued and delivered to the investor.

Beneficial Changes Effective December 6, 2016

Fee for Newborns:After citizenship is granted, the investment fee for a newborn is now $2000 provided the child of the successful applicant is <5 years of age and was born after citizenship was granted. If so, they can be registered as a Dominica citizen for additional investment of $2000.

Age for Dependent Children:The age limitation for dependent children of the main applicant has been increased to 28 years if a) the child of the main applicant or their spouse age 18-28, after their 18th birthday was in full time attendance of a recognized institution of higher learning and is fully supported by the main applicant or b) the unmarried daughter of the main applicant is fully supported by and living with the main applicant

Age for Dependent Parents:The minimum age of dependent parents/grandparents of the main applicant or their spouse has been decreased to 55 years if they are fully supported by the main applicant and living with the main applicant.

Fees for Large Family (Real Estate Program Only): The real estate purchase program government fees have been adjusted for large families as follows a) for families of up to 4/main applicant + 3 dependents the total government fees are now $75,000 or b) For families of up to 6/main applicant + 5 dependents the total government fees are now $100,000.

Disclaimer

**The completed application will require significant supplemental documentation. This list includes but is not limited to personal and professional references, criminal history background check, complete medical exam including blood tests. Plus business history, original birth certificates, social security cards, passport, income and asset verification, bank references, residence history and more. Please see the complete list of required documents made available on this website for further clarification. The government reserves the right to request additional documentation should it be deemed necessary – at their sole discretion.

Additionally, it is absolutely imperative that all applicants and dependents are 100% honest during the entire application and approval process. If it was discovered that there was incorrect information submitted in order to qualify for citizenship your application can be rejected outright and no refund will be given for the Dominica passport cost you incurred. In addition, subsequent to the Dominica passport being issued it can be revoked if it is determined that false information was submitted by the applicant during the application process. If so, no Dominica citizenship cost will be refunded nor will any Dominica citizenship benefits be retained by the applicant(s).

Information pertaining to the application requirements and fees is subject to change due to program adjustments or official legislation. Therefore, New Passport Pro shall not be held responsible for any of the above information.

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